Stored value accounts have gained widespread use. Such stored value accounts are typically associated with a stored value card, which may also be referred to as a “gift card” or a “prepaid card.” These cards can often be purchased at a retail location, or a financial institution, for a specified amount, e.g., twenty dollars, or for a non-denominated amount whereby the consumer can designate the exact funding amount. Though, other stored value cards, such as payroll cards, may be distributed to card holders by an employer or other third party. Because payroll funds may be difficult to distribute other than by check to those who do not have a bank account, employers may transfer payroll funds to employees' payroll cards that are associated with a stored value account. Stored value cards and associated accounts known as open-loop stored value accounts may be redeemed at many retail locations and in online transactions, for example, wherever the stored value cards' sponsoring network (also referred to as “branded”), such as STAR®, VISA®, MasterCard®, Discover®, or American Express®, is honored. Other stored value cards and accounts, known as closed-loop stored value accounts, are only honored at limited locations, such as at designated merchants.
Because the use of all types of stored value cards and associated accounts has grown over recent years, and continues to grow, there is a need for new methods and techniques to increase market share of stored value accounts by acquiring new customers, increasing the distribution and use, as well as the associated revenue generated from stored value account transactions.
Thus, there exists a need for systems and methods providing multiple account holder functionality for stored value accounts. There exists a further need for systems and methods that increase access to new customers and opening new stored value accounts.